Mideast Stocks: Kuwait leads most of Gulf lower as financials drag

All shares on Kuwait's index decline but one

  
A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

Getty Images/Graeme Robertson

Most bourses in the Gulf ended lower on Tuesday, hurt by their financial shares, with Kuwait hardest hit as investors shunned stocks across the board.

In Kuwait, the index retreated 2.2%, its biggest intraday fall since April, dragged down by a 2.4% drop in Kuwait Finance House .

Saudi Arabia's benchmark index lost 0.6%, with oil giant Saudi Aramco falling 1% and Al Rajhi Bank dropping 0.6%.

But, Mobile Telecommunications Company Saudi Arabia (Zain KSA) jumped 7.8%, after it raised a 6-billion-riyal ($1.60 billion) loan to refinance existing debt and secure access to additional liquidity to support growth, the telecoms firm said in a bourse filing. 

Dubai's main share index gave up early gains to closed down 0.4%, pressured by a 1.9% fall in Emirates NBD Bank and a 0.7% decrease in blue-chip developer Emaar Properties .

However, the index's losses were capped by gains at logistic firm Aramex.

On Monday, Aramex ended two sessions of losses triggered when the logistics firm confirmed last week that a portion of its warehouse facility in Morocco had been damaged in a fire.

The Abu Dhabi index edged up 0.1%, helped by a 0.4% rise in the United Arab Emirates' largest lender First Abu Dhabi Bank.

In Qatar, the index added 0.3%, with United Development Company jumping 5.4%.

Outside the Gulf, Egypt's blue-chip index gained 0.2%, led by a 2.3% rise in investment bank EFG Hermes .

($1 = 3.7507 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Alison Williams) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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